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THE 


CHARTER 


BY-LAWS 


OF  THE 


.      PENNSYLVANIA  COMPANY 

FOR 

INSURANCES  ON  LIVES,  GRANTING  ANNUITIES, 


AND 


/ 

EXECUTING  TRUSTS. 


•  '  ,     »  .    '     • 


PHILADELPHIA: 

PRINTED  BY  JAMES  KAY,  JUN.  &,  BROTHER^ 

No.   122   Chestnut   Street. 

1836. 


*  •  -  •  i  >> ' 


AN  ACT 


7)>  incorporate  the  Pennsylvania  Company  for  Insurances  on 
Lives,  Granting  *^nnuitie8,  and  other  purposes* 


Sect.  1.     Be  it  enacted  by  the  Senate  and  House  of  Repre- 
sentatives of  the  Commonwealth  of  Pennsylvania  in  General 
Assembly  met,  and  it  is  hereby  enacted  by  the  authority  of 
*  the  same  ; — That  John  Welsh,  John  Warder  and  Jacob  Shoe-  Commission- 
maker,  or  any  two  of  them,  shall  be,  and  they  are  hereby  con-  g"   appoint-, 
stituted  and  appointed  commissioners,  whose  duty  it  shall  be 
within  thirty  days  after  the  passing  of  this  act,  first  having  given 
ten  days'  notice  in  two  or  more  of  the  daily  newspapers  published 
in  the  city  of  Philadelphia,  to  open  a  book  at  some  public  and  Their  duties 
convenient  place  in  said  city,  and  therein  to  transcribe  and    ^        ' 
insert  the  names  of  all  persons,  being  citizens  or  residents  of 
this  commonwealth,  who  have  in  writing  associated  under  the 
name  and  style  of  "  The  Pennsylvania  Company  for  assurances 
on  lives,  and  granting  annuities  and  reversions ^^^  and  also 
shall  receive  and  take  in  the  said  book  the  subscriptions  of  all 
such  other  persons,  being  citizens  or  residents  as  aforesaid,  as 
shall  offer  to  subscribe  and  join  in  the  said  association,  together 
with  the  number  of  shares  by  such  persons  respectively  taken 
and  subscribed  for ;  and  the  said  book  shall  be  kept  and  remain  Books  to  be 
open  for  three  successive  days,  from  ten  o'clock  in  the  forenoon  JJ^g      ^'®® 
until  three  o'clock  in  the  afternoon  of  each  of  the  said  days, 
for  receiving  the  subscriptions  aforesaid,  after  which  time,  if 


M180796 


Subscription  the  whole  number  of  shares  shall  amount  to  five  thousand,  no 
additional  subscriptions  shall  be  permitted  or  allowed  by  the 
said  commissioners,  but  if  the  whole  number  of  shares  then  so 
taken  and  subscribed  for,  shall  exceed  five  thousand,  all  sub- 
Subscription  scriptions  above  five  shares,  shall  be  reduced  pro  rata  to  the 
pro    rata    if  number  of  five  thousand  ;  and  if  the  whole  number  of  shares 

more      shall  then  taken  and  subscribed  for  shall  not  amount  to  five  thousand, 

be  subscribed    ,  .  ,  .     .  .  ,  .  ,  ,       , 

than  the  law  the  said  commissioners  may  continue  the  said  book  open  from 

allows.  (Jay  to  day,  until  the  whole  number  of  five  thousand  shares  are 

taken  and  subscribed  for;  Provided^  That  no  person  shall, 

within  the  first  three  days  the  books  are  open,  either  in  his  own 

Limitation  of  name  or  by  agency  subscribe  for  a  greater  number  than  ten 

subscription,  shares. 

Sect.  2.     And  he  it  further  enacted  by  the  authority  afore- 
said;— That  the  persons  whose  names  shall  be  so  inserted  in 
the  said  book,  their  successors  and  assigns,  shall  be,  and  they 
The        sub-  are  hereby  created  and  constituted  a  body  politic  and  corporate, 
corporated.     ^"^  ^7  ^^e  name,  style  and  title  of  ^^The  Pennsylvania  Com- 
Style  and  ti-  pany  for  insurances  on  lives,  and  granting  annuities;'^  and 
poration  ^°^    they  and  their  successors  are  hereby  ordained,  constituted  and 
declared  to  be  a  body  politic  and  corporate  in  fact  and  in  law, 
by  the  name  aforesaid ;  and  they  and  their  successors  shall  and 
Their  rights,  may  have  continual  succession,  and  be  capable  of  suing  and 
-duties.  being  sued,  pleading  and  being  impleaded,  answering  and  be- 

ing answered  unto,  defending  and  being  defended,  in  all  courts 
and  places  whatsoever,  in  all  manner  of  actions,  suits,  com- 
plaints, matters  and  causes,  whatever  ;  and  they  and  their  suc- 
cessors may  have  and  use  a  common  seal,  make  and  change 
and  alter  the  same  at  their  pleasure,  and  also  they  and  their 
successors  by  the  same  name  and  style,  shall  be  in  law,  capa- 
IMfayholdreal  hie  of  purchasing,  holding,  cultivating,  improving  and  convey- 
estate.^^^^"^   i"g»  ^"7  estate,  real  or  personal,  for  the  use  of  the  said  corpo- 
ration ;  Provided,  That  the  real  estate  shall  be  only  such  as 
Real     estate  ^\^^\\  be  necessary  to  accommodate  the  said  corporation  in  the 
transaction  of  the  business  thereof,  or  shall  be  taken  and  held  in 
security  for  the  payment  of  debts  due  to  the  said  corporation  ; 

Corporation    ^nd  the  said  corporation  shall  have  power  to  "ordain  and  esta- 
may       make  ,  ,  .  .  ,     ,      i  i-         \  j 

by-laws    for  blish  and  put  in  execution  such  by-laws,  oruinanclps  and  regu- 


lations,  as  shall  be  necessary  for  the  government  thereof,  not  the    govern- 
being  contrary  to  the  constitution  of  this  stale  or  of  the  United  ^jrch^^shaH 
States  ;  and  for  mailing  whereof  the  stockholders  shall  be  con-  be   approved 
vened  on  the  third  Monday  of  January,*  annually.     And  such  hoidersannu- 
other  general  meetings  of  the  stockholders  shall  and  may  from  ally. 
time  to  time,  for  the  purpose  aforesaid,  be  called  by  the  direc-  How     gene- 
tors,  or  by  any  number  of  the  stockholders  holding  one  thou-  j^|^  becall"^* 
sand  shares,  as  they  shall  respectively  deem  necessary,  and  the 
said  corporation  shall  have  power  generally  to  do  and  execute 
all  matters  and  things  which  a  corporation  or  body  politic  may 
or  can  lawfully  do  and  execute,  subject  to  all  rules  and  regula- 
tions, restrictions,  limitations  and  provisions  hereinafter  de- 
scribed and  declared  ;  Provided^  That  the  clear  yearly  income  of  Yearly      in- 
the  said  corporation  upon  the  real  estate  which  they  are  hereby  ^^^^  ^^^  ^  ' 
authorized  to  hold,  shall  not  exceed  ten  thousand  dollars. 

Sect.  3.     And  be  it  further  enacted  by  the  authority  afore- 
said;— That  the  said  capital  stock  of  the  said  corporation  shall  ^jj^Q^nt     ^f 
be  five  hundred   thousand  dollars,  divided  into  five  thousand  the      capital 
shares  of  one  hundred  dollars  each,  and  to  be  raised,  constituted  gh^^g^"  *  ^ 
and  composed  of  the  subscriptions  heretofore  made,  or  hereafter 
to  be  made  by  virtue  of  the  provisions  contained  in  the  first 

section  of  this  act,  and  the  same  shall  be  paid  for  and  satisfied  ^^  „ 

'^  Manner      of 

in  manner  following :  That  is  to  say,  each  and  every  subscriber  paymeiit,and 
shall  within  ten  days  after  public  notice  given  by  the  president  "f^g^  ^ 
and  directors  hereinafter  named,  in  any  two  of  the  daily  papers 
printed  in  the  city  of  Philadelphia,  pay,  or  cause  to  be  paid,  to 
the  said  president  and  directors  for  the  use  of  the  said  corpora- 
tion, the  sum  of  twenty  dollars  in  part  of  each  share  so  sub- 
scribed for,  and  the  residue  of  the  money  payable  on  each  and 
every  share,  shall  be  paid  to  the  president  and  directors  of  the 
said  corporation  in  such  sum  or  sums,  and  at  such  time  or 
times  as  they,  by  public  notice  in  two  of  the  daily  papers 

printed  in  the  said   city  for  at  least  thirty   days,   shall   in  Proceedings 
,     .      ,.  .        ,.  1  .  .      ,    /^  ,        •,  .    ,.   to  be   had  if 

their  discretion  direct  and  appoint.     And  it  any  subscriber  shall  subscribers 

refuse  or  neglect  to  make  the  first  payment  as  aforesaid,  he  or  '^o  not  make 

she  shall  cease  to  be  deemed  a  subscriber  or  member  of  the 

said  corporation,  and  his  or  her  subscription  shall  be  opened 

*    [This  being  the  day  of  election.] 


and  new  subscriptions  received  for  the  number  of  shares  so 
forfeited.  And  if  any  subscriber,  his  or  her  assignee  or  trans- 
feree, shall  refuse  or  neglect  to  make  any  subsequent  payment, 
called  for  and  demanded  by  the  president  and  directors  as 
aforesaid,  such  subscriber,  his  or  her  assignee  or  transferee, 
shall  pay  an  interest  on  the  amount  of  such  instalment,  at  the 
rate  of  five  per  centum  per  month  for  the  time  the  payment  of 
the  said  instalment  shall  be  deferred  or  delayed  after  the  time 
the  same  shall  have  been  directed  to  be  paid  as  aforesaid,  and 
if  the  said  instalment,  together  with  interest  thereon,  at  the 
rate  aforesaid,  shall  not  be  paid  within  six  months  from  the 
time  it  shall  have  been  so  called  for,  and  directed  to  be  paid, 
each  and  every  share  or  shares,  on  which  such  default  shall 
have  been  made,  together  with  the  sum  or  sums  previously 
paid  thereon,  shall  be  forfeited,  and  new  subscriptions  may  be 
opened  and  received,  for  the  share  or  shares  so  forfeited,  at  the 
discretion  of  the  stockholders  of  the  said  corporation. 

Sect.  4.  And  be  it  further  enacted  by  the  authority  afore- 
Election.  said  ; — That  for  the  well-ordering  of  the  affairs  of  the  said  cor- 
Thirteen  di-  poration,  there  shall  be  thirteen  directors,  who  shall  be  citizens 
chosen  ^  ^  0^  ^his  commonweallh,  and  stockholders  of  the  said  corporation, 
holding  at  least  two  shares  each  in  their  own  right,  elected 
Their  qualifi-  annually  by  the  stockholders  at  their  general  meeting  for  that 
purpose  assembled  ;  and  the  directors  at  their  first  meeting  after 
Their  elec-  each  election  shall  choose  one  of  their  number  as  president, 
nual  and  at  ^^^^  ^^  ^^^^  i*  should  SO  happen  at  any  time  that  an  election  of 
their  first  directors  should  not  be  made  upon  any  day  when  pursuant  to 
shall  elect  a  this  act  it  ought  to  have  been  made,  the  said  corporation  shall  not 
president.       fQj.  tj^^t  cause  be  deemed  to  be  dissolved,  and  it  shall  be  lawful 

Charter    not  q^  any  day,  within  ninety  days  thereafter,  to  hold  an  election 

to  be  void  if  "^  J        J 

the    election  of  directors  in  such  manner  as  shall  have  been  regulated  by 

benotheldon  ^j^^  j^^g  ^^^^  ordinances  of  the  said  corporation,  until  which 
the    day   ap-  _  r  ' 

pointed,  but  election  the  president  and  directors  chosen  and  appointed  at 
another  day  ^j^^  ^^^^^  preceding  election  shall  continue  in  oflice ;  in  case  of 
pointed.  any  director's  death  or  resignation,  his  place  shall  be  filled  up 

Old  directors  for  the  remainder  of  the  year,  in  such  manner  as  the  ordinances 
in  office^^tm  of  the  said  corporation  shall  for  that  purpose  direct;  Provided, 

new  ones  are  That  the  first  directors  shall  be  Joseph  Ball,  John  Claxton, 
elected. 


Lewis  D.  Caipentier,  Jacob  Sperry,  Joseph  Peace,  Patrick  Names  of  the 
Gernon,  Henry  Leiitz,  Thomas  P.  Cope,  Mahlon  Hutchinson, 


John  Bohlen,  Andrew  Pettit,  John  K.  Helmuth  and  Samuel 

Yorke,  who  shall  hold  their  offices  until  the  third  Monday  of  Time      they 

January  in  the  year  of  our  Lord,  one  thousand  eight  hundred  nue  in  office! 

and  thirteen,  and  until  new  directors  shall  be  chosen ;  and  the 

said  first  directors  shall  within  ten  days  after  the  passing  of 

this  act,  meet  and  appoint  their  president. 

Sect.  5.     And  be  it  further  enacted  by  the  authority  afore- 
said; — That  the  votes  of  the  stockholders  for  directors  shall  Votes  of  the 
be  by  ballot,  and  the  election  of  directors  and  for  deciding  all  ^^^^*^llot°  ^^ 
questions  in  a  general  meeting  of  the  stockholders,  the  ratio  of 
the  votes  shall  be  as  follows,  to  imt :  A  stockholder  having 
five  shares  or  less  shall  have  one  vote  for  each  share  so  held  ;  Ratio  of 
having  fifty  shares  or  less,  shall  have  one  vote  for  every  five  ^° 
shares  he  shall  so  hold  above  five  shares  ;  having  one  hundred 
shares  or  less,  shall  have  one  vote  for  every  ten  shares  he  shall 
so  hold  above  fifty  shares  ;  having  above  one  hundred  shares, 
he  shall  have  one  vote,  for  every  twenty  shares  he  shall  so 
hold  above  one  hundred  shares ;  but  no  stockholder  shall  be 
entitled  in  his  own  right,  or  as  a  proxy,  to  a  greater  number  Whole  num- 
than  thirty  votes ;  nor  shall  any  stockholder  vot&  at  any  elec-  ^jj^^h     any 
tion  for  directors  unless  the  share  or  shares  upon  which  he  or  subscriber 
she  may  claim  to  vote,  shall  have  been  standing  in  his  or  her  "^^^  ^^ 
name  in  the  books  of  th&  said  corporation  for  at  least  three 
months  previous  to  such  election,  and  such  stockholder  may 
vote  by  proxy  ;  Provided,  That  no  vote  shall  be  received  on 
any  proxy  more  than  nine  months  after  the  date  of  said  proxy,  Proxy  voting 
and  further  that  no  transfer  of  proxy  shall  be  allowed,  and  that  rgmilated^ 
no  person  shall  be  allowed  to  vote  as  the  proxy  of  more  than 
one  stockholder. 

Sect.  6.     And  be  it  further  enacted  by  the  authority  afore- 
said; — That  the  directors  of  the  said  corporation  for  the  time 
being,  four  of  whom  with  the  president,  or  in  case  of  his  ab- 
sence, seven  shall  be  a  quorum,  shall  have  power  to  appoint  Powers  of  the 
such  officers,  clerks,  agents  and  other  persons,  as  shall  be  the^^ap^point^ 
necessary  for  conducting  and  executing  the  business  of  the  said  ment  of  offi- 
corporation,  as  well  in  the  said  city  of  Philadelphia,  as  else-  ^^"' 
where,  and  to  allow  the  said  persons  so  appointed,  such  con^-  Andallowing 


8 

them  a  com-  pensation  for  their  services  respectively  as  they  shall  deem 
'       reasonable,  and  generally  to  exercise  all  other  powers  and  au- 
And  their  ge-  thorities  for  well-governing  and  ordering  the  affairs  and  funds 
neral powers,  of  the  said  corporation  as  this  act  confers  and  allows. 

Sect.  7.  And  be  it  further  enacted  by  the  authority  afore- 
said;— Tliat  it  may  be  lawful  for  the  said  corporation  to  in- 
vest the  capital  stock  thereof,  and  all  moneys  received  for  pre- 
miums of  insurance,  and  for  the  grant  and  sale  of  annuities 
and  other  purposes,  in  any  stock  of  the  United  States,  or  of 
this  state,  or  of  any  chartered  or  incorporated  bank,  or  in  the 
purchase  of  ground  rents,  or  mortgages,  or  to  lend  the  same 
on  good  and  sufficient  security,  and  also  to  sell  and  dispose  of 
and  transfer  all  or  any  of  the  said  stock  and  securities,  and  to 
invest  the  proceeds  thereof  in  like  and  other  such  stock  or  secu- 
rities, whenever  the  safety  or  immediate  exigencies  of  the  said 
corporation  shall  render  the  same  necessary  ;  Provided,  That 
.  no  deposit,  loan  of  money  upon  interest  (except  in  such  cases 
as  may  be  authorized  by  this  section)  or  promissory  note  shall 
be  allowed,  made  or  issued  in  the  manner  of  a  banking  insti- 
tution ; — And  provided  also.  That  nothing  in  this  act  con- 
tained, shall  be  construed  to  authorize  the  said  corporation  to 
buy  or  trade  in  any  stock  whatsoever,  for  the  purpose  of  mak- 
ing a  profit  by  such  buying  and  trading.* 

Sect.  8.     And  be  it  further  enacted  by  the  authority  afore- 
President       said; — That  the  president  and  directors  shall  have  full  power 
and  directors  on  behalf  of  the  said  corporation  to  make  insurances  on  lives 
&urances^  on  ^X  ^^^  ^"^  °"  shore,  and  to  contract  for,  grant  and  sell  annui- 
lives,      con-  ties,  and  reversionary  payments,  and  generally  to  make  all 
nuities°&c'^   kinds  of  contracts,  in  which  the  casualties  of  life  and  interest  of 
money  are  principally  involved,  except  as  before  excepted,  and 
to  make,  execute  and  perfect  such  and  so  many  contracts,  bar- 
gains, agreements,  policies  and  other  instruments,  as  shall  or 
may  be  necessary,  and  as  the  nature  of  the  case  shall  or  may 
tracts^  to*^°be  ^^^l^ire,   and  every  such  contract,  bargain,  agreement  and  po- 
in  writing  or  Hey,  to  be  made  by  the  said  corporation,  shall  be  in  writing  or 
signed  by  the  i"  print,  and  shall  be  under  the  seal  of  the  said  corporation, 

proper     offi-  signed  by  the  president  and  attested  by  the  actuary  or  other 
cers. 

*    [Section  7  repealed  by  Supplement  of  9th  April  1829.] 


9 

officer  who  may  be  appointed  by  the  president  and  directors 
for  that  purpose. 

Sect.  9.  And  be  it  further  enacted  by  the  authority  afore- 
said ; — That  the  president  and  directors  shall,  on  the  first  President 
Monday  of  January,  in  the  year  of  our  Lord,  one  thousand  ^^xqW  ^^make 
eight  hundred  and  thirteen,  and  on  the  first  Monday  of  July  half  yearly 
and  of  Jantiary  in  every  year  thereafter,  declare  and  divide  so  ^^^  profits  of 
much  of  the  profits  of  the  said  corporation  as  to  them  shall  the  corpora- 
appear  safe  and  advisable,  and  the  dividend  so  declared  shall  be  ^y^q^  to  the 
paid  to  the  respective  stockholders  agreeably  to  such  rules  as  stockholders, 
the  president  and  directors  shall  make  for  that  purpose. 

Sect.  10.  And  be  it  further  enacted  by  the  authority  afore- 
said;'—Thzi  the  shares  of  the  stock  of  the  said  corporation  Shares  may 
shall  be  assignable  and  transferable,  according  to  such  rules  ^ed.  ^'"^^  ^^' 
and  regulations  as  the  president  and  directors  shall  for  that 
purpose  ordain  and  establish,  and  not  otherwise ;  Prouirferf,  That 
no  person  or  persons  shall  hold  or  be  oivners  of  any  share  or 
shares  of  the  stock  of  this  corporation  who  are  not  citizens  of 
or  resident  in  the  United  States,* 

Sect.  1 1 .  And  be  it  further  enacted  by  the  authority  afore- 
said ; — That  if  at  any  time  it  shall  appear  to  the  legislature  Reservation 
that  the  charter  privileges  hereby  granted  are  injurious  to  the  ers  glanteT" 
public  welfare,  the  power  thereof  to  repeal  this  act,  shall  not 
on  any  conditions  be  denied  or  impaired,  but  such  repeal  shall 
not  affect  any  engagements,  to  which  said  company  may  have 
become  a  party  previously  thereto,  and  that  the  said  Company 
shall  have  a  reasonable  time  to  bring  their  accounts  to  a  final 
settlement  and  termination. 

JOHN  TODD, 

Speaker  of  the  House  of  Representatives. 

P.  C.  LANE, 

Speaker  of  the  Senate. 

Approved — the  tenth  day  of  March,  in  the  year  of  our  Lord 
one  thousand  eight  hundred  and  twelve. 

SIMON  SNYDER. 

*    [Proviso  repealed  by  Supplement  of  29th  February  1836.J 


SUPPLEMENT 


To  an  Act  entitled  "  An  Act  to  incorporate  the  Pennsylvania 
Company  for  Insurances  on  Lives  and  Chranting  Annuities.''^ 


Sect.  1.  Be  it  enacted  by  the  Senate  and  House  of  Repre- 
sentatives of  the  Commonwealth  of  Pennsylvania  in  General 
Assembly  met,  and  it  is  hereby  enacted  by  the  authority  of  the 
Howthecapi-  same; — That  it  shall  and  may  be  lawful  for  the  Pennsylvania 
all  moneys  Company  for  Insurances  on  Lives  and  Granting  Annuities,  to  in- 
received  may  vest  the  capital  stock  of  the  said  company,  and  all  moneys 
received  for  premiums  of  insurance  and  for  the  grant  and  sale 
of  annuities,  and  endowments  in  trust  and  on  lives,  or  for  any 
other  transaction  authorized  by  the  act  to  which  this  is  a  sup- 
plement, in  the  funded  debt  of  the  United  States,  or  of  any  of 
the  United  States,  or  of  any  city  or  incorporated  borough  of  this 
state,  or  in  the  stock  of  any  chartered  or  incorporated  bank, 
or  in  the  stock  or  loan  of  any  chartered  or  incorporated  canal, 
navigation,  bridge  or  road  company,  or  of  any  company  that 
now  is,  or  hereafter  may  be,  incorporated  by  this  state  or  the 
United  States,  or  in  the  purchase  of  any  ground  rents  or  mort- 
gages, or  on  any  loans  on  good  and  sufficient  security,  or  in  such 
real  estate  as  may  be  taken  in  execution  for  debt ;  Provided, 
The  income  of  the  said  real  estate  do  not  exceed  the  value  of  ten 
thousand  dollars  yearly ;  and  also  to  sell,  and  dispose  of,  and 
transfer  the  said  stock  and  securities,  and  convey  such  real 
estate ;  Provided,  That  no  deposit,  loan  of  money  upon  inte- 


II 

rest,  except  in  such  cases  as  may  be  authorized  by  this  section,  Corporation 
or  promissory  note  shall  be  allowed,  made  or  issued,  in  the  promissory 
manner  of  a  banking  institution.  notes. 

Sect.  2.     ^nd  be  it  further  enacted  by  the  authority  afore- 
said;— That  the  seventh  section  of  the  act  to  which  this  is  a  Seventh  sec- 
supplement  be,  and  the  same  is  hereby  repealed.  onrepeae 

I  do  certify  that  the  foregoing  is  a  true  copy  as  it  passed  both 
branches  of  the  Legislature,  and  that  it  has  been  approved  by 
the  Governor.     Witness  my  hand,  this  9th  of  April  1829. 

W.  S.  FRANKLIN, 
Clerk  of  the  Senate, 


SUPPLEMENT 


To  an  *Q.ct  entitled  ^^An  Act  to'incorporate  the  Pennsylvania 
Company  for  Insurances  on  Lives,  and  granting  Annuities, 
and  other  purposes,''^  passed  on  the  tenth  day  of  March,  one 
thousand  eight  hundred  and  twelve. 


Sect.  1.     Beit  enacted  by  the  Senate  and  House  of  Repre- 
sentatives of  the  Commonwealth  of  Pennsylvania  in  General 
Assembly  met,  and  it  is  hereby  enacted  by  the  authority  of  the 
President        same; — That  the  Pennsylvania  Company  for  Insurances  on 
eJlf  oweveT^  Lives  and  Granting  Annuities  be,  and  they  hereby  are  author- 
to  accept  and  ized  and  empowered  to  accept  and  receive  moneys  or  other 
nTys^^  other  Property,  real  or  personal,  in  trust ;  to  accumulate  the  interest 
property,  real  or  income  thereof,  at  such  rates  and  in  such  manner  as  may 
in  trust^^"^ '  ^®  agreed  on,  or  to  allow  and  pay  such  interest  or  income 
therefor  and  thereon,  as  may  be  stipulated  and  agreed  on  be- 
tween the  parties,  not  exceeding  the  legal  rate  of  interest ;  and 
also  to  accept  and  execute  trusts  of  any  and  every  description, 
which  may  be  committed  or  transferred,  with  their  consent,  to 
them  by  any  person  or  persons  whatever,  bodies  corporate  or 
^  politic,  or  by  any  court  of  the  United  States,  or  of  the  com- 
monwealth of  Pennsylvania. 
Any  court  of      Sect.  2.     In  all   cases  where  application  is  made  to  any 
wralth^"^°of  ^^"^^  ^^  ^^^  commonwealth  of  Pennsylvania  for  the  appoint- 
Pennsylva-     ment  of  any  trustees,  or  of  assignees,  or  of  guardian  of  any 


13 

minor,  or  committee  of  a  lunatic,  it  shall  and  may  be  lawful  n»a  may  ap- 

for  such  court,  if  they  think  proper,  to  appoint  said  company,  company 

with  their  consent,  such  trustee,  assignee  or  guardian  of  the  trustee,     as- 

estate  of  such  minor,  or  committee  of  a  lunatic;  and  the  ac-  guardian  of  a 

counts  of  said  company,  as  such  trustee  or  assignee,  or  guar-  ^^^^^y       or 
1-  .  1    11    I  11  1111.^  committee  of 

dian  or  committee,  shall  be  regularly  settled  and  adjusted  be-  a  lunatic. 

fore  the  proper  tribunal,  and  upon  such  settlement  and  adjust- 
ment, all  proper,  legal,  usual  and  customary  charges,  costs  and 
expenses,  shall  be  allowed  to  the  said  company  for  their  care 
and  management  of  the  trusts  and  estates  aforesaid,  and  the  said 
company,  as  such  trustee  or  assignee,  or  guardian  or  commit- 
tee, shall  be  subject  to  all  orders  or  decrees  made  by  the  pro- 
per tribunals,  under  the  laws  of  this  commonwealth. 

Sect.  3.     Upon  any  sum  not  less  than  one  hundred  dol-  Minimum 
lars  which  shall  be  collected  or  received  by  said  company,  Jest  to  be\l- 
in  its  capacity  of  trustee,  assignee,  guardian,  committee  or  lowed  by  the 
receiver,  under  the  order  of  any  court  of  justice,  a  reason-  trustee"^  a^ 
able  interest  shall  be  allowed,  of  not  less  than  four  per  cent  signee        or 
per  annum,  which  interest  shall  continue  to  accrue  until  the  ^^^^  ^^"* 
moneys  so  received  shall  be  duly  expended  and  paid  over  or 
distributed. 

Sect.  4.     When  the  annual  income  of  an  infant,  of  whose  Company, 
estate  the  said  company  shall  be  the  guardian,  shall  exceed  ^j^n^  of  "an 
the  sum  allowed,  or  which  may  be  sufficient  for  the  education,  infant,  to  add 
maintenance  and  support  of  said  infant,  such  surplus  income  come  to  prin- 
shall  be  accumulated  by  the  said  company  for  the  benefit  of  ^jp^'    annu- 
such  infant  by  adding  interest  annually  on  th6  whole   as   a 
new  principal ;  the  interest  so  to  be  allowed  and  added  upon 
such  accumulation,  in  no  case  to  be  less  than  four  per  centum 
per  annum. 

Sect.  5.     No  bond  or  collateral  security  shall  be  required  Capital  stock 
from  the  said   company,  when   appointed  trustee,   assignee,  ^^j,^^^  y^^' 
guardian,  committee  or  receiver ;  but  all  investments  of  mo-  for  all   trust 
neys  received  in  trust  by  the  said  company,  shall  be  at  the  ^^°^®' 
risk  of  said  corporation,  and  for  all  losses  of  such  moneys,  the 
capital  stock,  property  and  effects  of  the  said  corporation  shall 
be  absolutely  liable. 


14 

Certificates  Sect.  6.  The  said  company  shall  and  may,  whenever  re- 
quired so  to  do,  issue  certificates  for  the  amount  of  all  moneys 
deposited  with  them  in  trust,  which  certificates  shall  be  assign- 
able, and  transferable  on  the  books  of  the  company,  under 
such  regulations  as  may  be  prescribed  by  the  president  and 
directors. 
How  trust  Sect.  7.  All  sums  of  money  received  under  or  by  virtue 
be  invested,  of  the  provisions  of  this  act,  shall  and  may  be  invested  as  the 
other  funds  of  the  company  now  are,  or  hereafter  may  be,  by 
law  allowed  to  be  invested. 

Sect.  8.     Whenever  any  court  shall  appoint  the  said  com- 
pany a  trustee,  assignee,  guardian  of  any  minor,  or  committee 
of  a  lunatic,  or  deposit  with  the  said  company  any  moneys, 
Courts    may  such  court  may,  from  time  to  time,  appoint  a  suitable  person 
suftable  per^  ^  investigate  the  affairs  and  management  of  said  company, 
son  to  inves-  who  shall  report  to  such  court  the  manner  in  which  its  invest- 
fS^of^the  roents  are  made,  his  opinion  of  the  ability  and  integrity  with 
company.       which  the  affairs  of  the  company  are  conducted,  of  the  pru- 
dence and  safety  of  its  investments,  and  the  security  afforded 
to  those  by  whom  its  engagements  are  held :  the  expense  of 
every  investigation  so  made  shall  be  defrayed  by  the  said  com- 
pany. 
Aliens     not      Sect.  9.     The  proviso  in   the   tenth   section   of   the  act 
frrnn^  ^  being  ^^  which  this  is  a  supplement  be,  and  the  same  is  hereby  re- 
stockholders,  pealed. 

Sect.  10.     The  president  and  directors  shall  be  authorized 
and  empowered,  upon  giving  fifteen  days'  public  notice  in  at 
least  two  of  the  daily  papers  of  the  city  of  Philadelphia,  to 
Meetings   of  call  meetings  of  the  stockholders  of  the  company,  for  the  pur- 
may  be  call-  PO^®  o^  enacting,  establishing  and  ordaining  all  ordinances, 
ed.  by-laws  and  regulations  necessary  for  the  government  of  the 

company,  and  generally  of  transacting  all  other  business  which 
may  be  laid  before  them. 

Sect.  11.  If  the  privileges  hereby  granted  shall  at  any 
time  hereafter  prove  injurious  to  the  public  welfare,  the  legis- 
lature shall  have  power  to  alter  or  repeal  this  act. 

This  is  to  certify  that  the  foregoing  act  is  a  true  copy  of  the 


15 

original  law,  on  file  and  of  record  in  said  office.     Witness  my 
hand  and  seal  of  office,  the  day  and  year  aforesaid. 

,  THO.  H.  BURRO  WES. 

Secretary  of  the  Commonwealth. 

Secretary's  Office^  Harrishurg,  > 
February  29th,  1836.  5 


BY-LAWS 


Pennsylvania  Company  for  Insurances  on  Lives,    Granting 
Annuities,  and  Executing  Trusts. 


I. 


The  stated  meetings  of  the  board  of  directors  shall  be  on 
the  first  Thursday  of  every  month ;  and  special  meetings  may 
at  any  time  be  called  by  the  president  on  his  own  authority, 
or  when  requested  by  two  directors.  Four  directors  with  the 
president,  or  in  ease  of  his  absence,  seven  shall  be  a  quorum. 


II. 


At  all  such  meetings  the  president  of  the  company,  or  in 
case  of  his  absence,  a  president  pro  tempore  chosen  by  a  ma- 
jority of  the  directors  present,  shall  take  the  chair,  who  shall 
vote  as  other  members,  and  decide  conclusively  all  questions 
of  order,  unless  two  members  appeal  to  the  board. 


III. 


As  soon  as  a  quorum  appears,  and  the  chair  is  taken,  the 
c 


18 

actuary  shall  note  the  names  of  the  directors  present,  after 
which  the  business  of  the  board  shall  be  transacted  in  the  fol- 
lowing order  : 

1st.  The  minutes  of  the  last  meeting  shall  be  read,  and  if 
necessary,  corrected. 

2d.  The  report  of  the  actuary  on  the  current  business  of  the 
company  shall  be  read  and  laid  before  the  board. 

3d.  Reports  of  committees  shall  be  called  for  and  order  take^j 
on  them. 

4th.  The  unfinished  business  of  any  former  meeting  may 
be  resumed. 

5th.  Original  resolutions  may  be  offered. 

6th.  Miscellaneous  business  may  be  proposed  and  consi- 
dered. 


IV. 


The  minutes  shall  contain  a  record  of  the  proceedings  of  the 
board.  Any  question  may  be  decided  by  yeas  and  nays,  if  re- 
quired by  two  members ;  and  when  taken,  they  shall  be  placed 
on  the  minutes. 


All  motions  shall  be  reduced  to  writing,  if  required  by  the 
president,  or  by  two  members,  and  must  be  seconded  and  stated 
from  the  chair  before  debate.  No  debate  shall  take  place  on  a 
motion  for  adjournment. 


VI. 


At  the  first  meeting  of  the  directors  after  the  election,  a  com- 
mittee of  three  directors,  to  be  called  the  committee  of  finance 
and  accounts,  shall  be  chosen  by  ballot,  to  serve  during  the 
year ;  and  in  case  of  the  death,  resignation  or  absence  of  any 


19 

member  of  the  said  committee,  the  board  may  elect  others  in 
their  place. 

The  duty  of  the  committee  of  finance  shall  be  to  invest  the 
moneys  of  the  company  in  such  securities  as  are  directed  by 
the  act  of  incorporation.  No  money  shall  be  loaned  on  mortgag:e 
when  the  property  to  be  pledged  is  incumbered  by  a  prior  lien, 
(unless  such  loan  shall  be  sanctioned  by  the  board  of  directors), 
and  they,  or  a  majority  of  them,  shall  give  orders  on  the  pre- 
sident and  actuary  for  the  payment  of  purchases,  and  fulfilment 
of  all  contracts  made  by  them  for  the  use  of  the  company. 
They  shall  exhibit  minutes  of  their  proceedings  to  the  board 
monthly.  They  shall  examine  the  monthly  report  of  the  ac- 
tuary, compare  it  with  the  books  of  the  company,  and  annex 
to  it  their  signatures.  They  shall,  in  conjunction  with  a  com- 
mittee of  the  board,  (to  be  appointed  for  that  purpose),  examine 
the  semi-annual  reports  or  general  statement  of  the  aflfairs  of  the 
company,  and  report  the  same  to  the  directors. 


VII. 


All  special  committees,  consisting  of  not  more  than  three 
members,  shall  be  appointed  by  the  president;  those  above  that 
number,  shall  be  elected  by  the  board,  unless  otherwise  directed. 


VIII. 

The  president  in  conjunction  with  any  two  directors,  or 
any  three  directors  in  his  absence,  shall  have  power  to  insure 
on  any  single  life,  or  joint  lives,  any  sum  not  exceeding  ten 
thousand  dollars,  and  they  may  contract  for  annuities  and  re- 
versionary payments,  not  exceeding  one  thousand  dollars  per 
annum,  or  enter  into  contracts  in  relation  to  trust  estates,  or 
deposits  of  money  to  be  held  in  trust,  subject  to  any  regulation 
to  be  hereafter  prescribed  by  the  board  of  directors. 


20 


IX. 


All  dividends  or  interest  belonging  to  the  company  shall  be 
promptly  collected,  and  all  moneys  and  notes  shall  be  deposited 
in  the  name  of  the  company,  in  one  of  the  incorporated  banks 
of  this  city.  No  money  shall  be  drawn  otherwise  than  by  or- 
der of  the  board  of  directors,  or  of  the  committee  of  finance 
and  accounts. 


It  shall  be  the  duty  of  the  actuary  to  attend  at  the  company's 
office  every  day  during  the  hours  of  business.  He  shall  act  as 
secretary  of  the  board  of  directors.  He  shall  keep  fair  and  re- 
gular minutes  of  their  proceedings  in  a  book  provided  for  that 
purpose.  He  shall  countersign  all  checks  on  the  bank  ordered 
by  the  board  or  committee  of  finance.  He  shall  receive  all 
money  due  to  the  company,  and  promptly  deposit  the  same  in 
the  bank  designated  by  the  directors.  He  shall,  once  a  month, 
or  oftener,  if  required,  make  a  statement  of  the  current  business 
of  the  company,  submit  the  same  to  the  committee  of  finance 
and  accounts,  and  if  approved  by  them,  lay  it  before  the  board. 
He  shall  cause  a  notice  of  every  meeting  of  the  board  of  direc- 
tors to  be  delivered  to  each  member  at  least  one  day  previous 
to  the  time  fixed  for  meeting;  and  shall  give  notice  of  the 
meetings  of  the  stockholders,  in  such  manner  as  shall  be  di- 
rected by  the  board.  He  shall  also  cause  a  notice  to  be  given 
to  the  chairman  of  each  committee,  designating  the  names  of 
the  members  thereof,  and  the  object  for  which  they  have  been 
appointed.  He  shall  receive  all  applications  for  insurances, 
annuities,  trust  accounts,  &c.,  make  the  necessary  investiga- 
tions and  calculations,  record  them  in  the  diary,  and  enter  in  a 
book  to  be  kept  for  that  purpose,  all  the  computations  relating 
to  tin;  business  of  the  company,  for  the  use  of  the  company. 


21 


XI. 


Every  vacancy,  occasioned  by  the  death,  resignation  or 
otherwise,  of  any  member  of  the  board  of  directors,  shall  be 
supplied  by  a  majority  of  the  board  until  the  next  annual  elec- 
tion ;  Provided^  That  no  choice  be  made  unless  there  be  at 
least  seven  members  present,  and  three  days'  notice  shall  have 
been  given  that  a  vacancy  is  to  be  filled. 


XII. 


A  meeting  of  stockholders  shall  be  held  on  the  second  Tues- 
day in  January  in  every  year,  of  which  at  least  fifteen  days' 
public  notice  shall  be  previously  given  by  the  president  and 
directors,  who  shall  at  such  meeting  lay  before  the  stockhold- 
ers, a  full  and  detailed  statement  of  the  funds  of  the  company, 
with  such  explanations  and  other  information  as  they  may 
think  proper.  And  at  the  said  meeting,  the  compensation  of 
the  president  for  his  services  shall  be  considered  and  fixed. 
In  case  that  at  any  time  an  election  for  directors  should  not  be 
held  on  the  third  Monday  in  January,  as  directed  by  the  act  of 
incorporation,  the  directors  for  the  time  being  shall  appoint  a 
day  for  that  purpose,  not  sooner  than  fifteen  days,  and  within 
ninety  days  thereafter,  of  which  they  shall  cause  at  least  fifteen 
days*  notice  to  be  given  in  three  of  the  daily  newspapers 
printed  in  the  city  of  Philadelphia. 


XIII. 


The  board  of  directors  shall  have  full  power  and  authority, 
from  time  to  time,  to  make  all  such  further  rules  and  regulations, 
in  addition  to  these  by-laws,  as  may  be  necessary  to  enable  them 
to  carry  into  efifect  the  provisions  and  conditions  of  an  act  of 


22 

Assembly,  passed  the  26th  day  of  February  A.  D.  1836, 
entitled  *'  A  supplement  to  an  act  entitled  An  Act  to  incorpo- 
rate the  Pennsylvania  Company  for  Insurances  on  Lives  and 
Granting  Annuities. 


XIV. 


All  by-laws  heretofore  passed  by  the  stockholders  of  this 
company  which  shall  be  inconsistent  with  the  above  are,  and 
the  same  are  hereby  repealed. 


Perm.   co»   for  insur- 
annfi   ori  lives  and 


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ranting  annuities, 
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THE  UNIVERSITY  OF  CALIFORNIA  UBRARY 


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